First quarter revenue of $86.3 million grew 11%
year-over-year
Marketplace revenue from non-ticketing sources
exceeded 13% of first quarter revenue
Consumer reach extended to over 27 million with
total ticket volume of 65.8 million in Q1
Eventbrite (NYSE: EB), a global marketplace for shared
experiences, reported its financial results for the first quarter
ended March 31, 2024. The First Quarter 2024 Shareholder Letter can
be found on Eventbrite’s Investor Relations website at
https://investor.eventbrite.com.
“Eventbrite delivered solid financial results in the quarter and
made great progress in executing our consumer marketplace
strategy,” said Julia Hartz, Co-Founder and Chief Executive
Officer. “We are providing powerful marketing tools to our creators
while building on our trusted brand in the live experiences
community. We believe we are well positioned to reaccelerate
top-line growth and meet our financial goals as the year
progresses.”
First Quarter 2024
Highlights
- Net Revenue of $86.3 million, up 11% year-over-year.
Marketplace-related revenue from organizer fees and Eventbrite Ads
grew to over 13% of total net revenue.
- Total free and paid ticket volume of 65.8 million tickets
across 1.4 million events.
- Gross Margin of 71.0% vs 66.1% a year ago.
- Net loss of $4.5 million compared to net loss of $12.7 million
in the same period last year.
- Adjusted EBITDA of $10.4 million, which includes $0.1 million
of restructuring charges, Net Loss Margin of (5.2%), and Adjusted
EBITDA margin of 12.1%.1
____________________________ 1 For more information on these
non-GAAP financial measures, please see "―About non-GAAP financial
measures" and the tables under "―Reconciliation of GAAP to non-GAAP
financial results" included at the end of this release.
The summary of GAAP and non-GAAP consolidated financial results
is in the table below (in thousands, except percentages,
unaudited):
Three Months Ended March
31,
2024
2023
% Change
Gross ticket sales
$
853,749
$
906,433
(6
)%
Net revenue
$
86,252
$
77,914
11
%
Gross profit
$
61,220
$
51,519
19
%
Gross profit margin
71
%
66
%
Net income (loss)
$
(4,490
)
$
(12,686
)
(65
)%
Net income (loss) margin
(5
)%
(16
)%
Adjusted EBITDA (non-GAAP)
$
10,413
$
2,142
386
%
Adjusted EBITDA margin (non-GAAP)
12
%
3
%
Operating Highlights
The key operating metrics of our business are summarized below
(in thousands, except average ticket value, unaudited):
Three Months Ended March
31,
2024
2023
% Change
Total tickets
65,820
74,232
(11
)%
Paid tickets
21,216
23,178
(8
)%
Total events
1,393
1,523
(9
)%
Paid events
524
533
(2
)%
Total creators
345
381
(9
)%
Paid creators
170
172
(1
)%
Average ticket value (ATV)
$
40.24
$
39.14
3
%
Total ticket buyers
27,650
31,593
(12
)%
Business Outlook
The company expects second quarter 2024 revenue to be in the
range of $84 million to $87 million and full year 2024 revenue to
be in the range of $360 million to $371 million. Adjusted EBITDA
margin is expected to be in the low- to mid-teens for the full year
2024, excluding the impact of restructuring costs, reserve
adjustments, and other items.
Earnings Webcast
Information
Event: Eventbrite First Quarter 2024 Earnings Conference Call
Date: Thursday, May 2, 2024 Time: 2:00 p.m. Pacific Time (5:00 p.m.
Eastern Time) Live Webcast Site: https://investor.eventbrite.com An
archived webcast of the conference call will be accessible on
Eventbrite’s Investor Relations page,
https://investor.eventbrite.com.
About Eventbrite
Eventbrite is a global events marketplace that serves event
creators and event-goers in nearly 180 countries. Since its
inception, Eventbrite has been at the center of the experience
economy, transforming how people organize and attend events. The
company was founded by Julia Hartz, Kevin Hartz and Renaud Visage,
with a vision to build a self-service platform that would make it
possible for anyone to create and sell tickets to live experiences.
With over 300 million tickets distributed for over 5 million events
in 2023, Eventbrite is where people worldwide discover new things
to do or new ways to do more of what they love. Eventbrite has also
earned industry recognition as a top employer with special
designations that include a coveted spot on Fast Company’s
prestigious The World’s 50 Most Innovative Companies and Fast
Company’s Brands That Matter lists, the Great Place to Work® Award
in the U.S., and Inc.'s Best-Led Companies honor. Learn more at
www.eventbrite.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that involve substantial risks and uncertainties. All
statements other than statements of historical fact could be deemed
forward-looking, including, but not limited to, statements
regarding the future performance of Eventbrite, Inc. and its
consolidated subsidiaries (the “Company”); the Company’s business
model and investments to support growth, including the impact on
results; the Company’s expectations regarding the development of
its platform and products; the Company’s long-term growth strategy,
creator growth, pursuit of profitability, and value creation; the
Company’s expectations with respect to its operating model; and the
Company’s expectations described under “Business Outlook” above. In
some cases, forward-looking statements can be identified by terms
such as “may,” “will,” “appears,” “shall,” “should,” “expects,”
“plans,” “anticipates,” “could,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential,”
or “continue,” or the negative of these words or other similar
terms or expressions that concern the Company’s expectations,
strategy, plans, or intentions. Such statements are subject to a
number of known and unknown risks, uncertainties, assumptions, and
other factors that may cause the Company’s actual results,
performance, or achievements to differ materially from results
expressed or implied in this press release, including those more
fully described in the Company’s filings with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
10-K and Quarterly Reports on Form 10-Q. Further information on
potential risks that could affect actual results will be included
in the subsequent periodic and current reports and other filings
that the Company makes with the Securities and Exchange Commission
from time to time. Investors are cautioned not to place undue
reliance on these statements. Actual results could differ
materially from those expressed or implied. All forward-looking
statements are based on information and estimates available to the
Company at the time of this release, and are not guarantees of
future performance, and reported results should not be considered
as an indication of future performance. Except as required by law,
the Company assumes no obligation to update any of the statements
in this press release.
Disclaimer Regarding Ticketing, Creator and Event
Metrics
This press release includes certain measures related to our
ticketing business, such as paid tickets, paid creators, and paid
events. We believe that the use of these metrics is helpful to our
investors as these metrics are used by management in assessing the
health of our business and our operating performance. These metrics
are based on what we believe to be reasonable estimates for the
applicable period of measurement. There are inherent challenges in
measuring these metrics, and we regularly review and may adjust our
processes for calculating our internal metrics to improve their
accuracy. You should not consider these metrics in isolation or as
substitutes for analysis of our results of operations as reported
under GAAP.
Condensed Consolidated Balance Sheets (in thousands;
unaudited)
March 31, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
579,940
$
489,200
Funds receivable
35,290
48,773
Short-term investments, at amortized
cost
113,703
153,746
Accounts receivable, net
3,314
2,814
Creator signing fees, net
651
634
Creator advances, net
5,626
2,804
Prepaid expenses and other current
assets
11,276
13,880
Total current assets
749,800
711,851
Creator signing fees, noncurrent
1,282
1,303
Property and equipment, net
10,989
9,384
Operating lease right-of-use assets
1,100
177
Goodwill
174,388
174,388
Acquired intangible assets, net
11,223
13,314
Other assets
3,375
2,913
Total assets
$
952,157
$
913,330
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable, creators
$
356,863
$
303,436
Accounts payable, trade
651
1,821
Chargebacks and refunds reserve
8,718
8,088
Accrued compensation and benefits
8,746
17,522
Accrued taxes
7,136
8,796
Operating lease liabilities
1,937
1,523
Other accrued liabilities
19,505
16,425
Total current liabilities
403,556
357,611
Accrued taxes, noncurrent
4,362
4,526
Operating lease liabilities,
noncurrent
1,922
1,768
Long-term debt
358,194
357,668
Total liabilities
768,034
721,573
Stockholders’ equity
Common stock
1
1
Additional paid-in capital
1,019,101
1,007,190
Treasury stock at cost
(15,055
)
—
Accumulated deficit
(819,924
)
(815,434
)
Total stockholders’ equity
184,123
191,757
Total liabilities and stockholders’
equity
$
952,157
$
913,330
Condensed Consolidated Statement of Operations (in
thousands, except share and per share amounts; unaudited)
Three Months Ended March
31,
2024
2023
Net revenue
$
86,252
$
77,914
Cost of net revenue
25,032
26,395
Gross profit
61,220
51,519
Operating expenses:
Product development
26,684
26,564
Sales, marketing and support
20,869
17,060
General and administrative
21,237
21,718
Total operating expenses
68,790
65,342
Loss from operations
(7,570
)
(13,823
)
Interest income
7,407
5,453
Interest expense
(2,800
)
(2,752
)
Other income (expense), net
(1,253
)
(953
)
Loss before income taxes
(4,216
)
(12,075
)
Income tax provision
274
611
Net loss
$
(4,490
)
$
(12,686
)
Net loss per share, basic and diluted
$
(0.05
)
$
(0.13
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
99,109
99,503
Condensed Consolidated Statements of Cash Flows (in
thousands; unaudited)
Three Months Ended March
31,
2024
2023
Cash flows from operating
activities
Net loss
$
(4,490
)
$
(12,686
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
3,594
3,531
Stock-based compensation expense
13,962
12,094
Amortization of debt discount and issuance
costs
526
498
Unrealized (gain) loss on foreign currency
exchange
(1,222
)
(1,133
)
Accretion on short-term investments
(1,877
)
(1,552
)
Non-cash operating lease expenses
133
1,875
Amortization of creator signing fees
194
210
Changes related to creator advances,
creator signing fees, and allowance for credit losses
423
(727
)
Provision for chargebacks and refunds
5,046
4,717
Other
155
314
Changes in operating assets and
liabilities:
Accounts receivable
(899
)
(543
)
Funds receivable
13,668
17,835
Creator signing fees and creator
advances
(3,036
)
665
Prepaid expenses and other assets
2,142
(237
)
Accounts payable, creators
52,002
57,699
Accounts payable
(1,151
)
(125
)
Chargebacks and refunds reserve
(4,416
)
(4,621
)
Accrued compensation and benefits
(8,776
)
142
Accrued taxes
(2,020
)
(4,580
)
Operating lease liabilities
(488
)
(1,058
)
Other accrued liabilities
7
2,848
Net cash provided by operating
activities
63,477
75,166
Cash flows from investing
activities
Purchase of short-term investments
(84,113
)
(94,679
)
Maturities of short-term investments
126,033
—
Purchases of property and equipment
(316
)
(286
)
Capitalized internal-use software
development costs
(2,257
)
(1,484
)
Net cash provided by (used in) investing
activities
39,347
(96,449
)
Cash flows from financing
activities
Repurchase of common stock
(12,010
)
—
Proceeds from exercise of stock
options
—
463
Taxes paid related to net share settlement
of equity awards
(2,612
)
(1,822
)
Principal payments on finance lease
obligations
—
(1
)
Net cash used in financing activities
(14,622
)
(1,360
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
2,538
1,797
Net increase in cash, cash equivalents and
restricted cash
90,740
(20,846
)
Cash, cash equivalents and restricted
cash
Beginning of period
489,200
540,174
End of period
$
579,940
$
519,328
Reconciliation of Net Income (Loss) to Adjusted EBITDA and
the Calculation of Adjusted EBITDA Margin (in thousands;
unaudited)
Three Months Ended March
31,
2024
2023
Net loss(1)
$
(4,490
)
$
(12,686
)
Add:
Depreciation and amortization
3,594
3,515
Stock-based compensation
13,962
12,094
Interest income
(7,407
)
(5,453
)
Interest expense
2,800
2,752
Employer taxes related to employee equity
transactions
427
356
Other (income) expense, net
1,253
953
Income tax provision (benefit)
274
611
Adjusted EBITDA
$
10,413
$
2,142
Net revenue
$
86,252
$
77,914
Adjusted EBITDA margin
12
%
3
%
(1) Net Loss and Adjusted EBITDA includes
restructuring and other costs totaling $0.1 million in the first
quarter of 2024 and $7.9 million in the first quarter of 2023.
About Non-GAAP Financial Measures
We believe that the use of Adjusted EBITDA and Adjusted EBITDA
margin is helpful to our investors in understanding and evaluating
our results of operations and useful measures for period-to-period
comparisons of our business performance as they are metrics used by
management in assessing the health of our business and our
operating performance, making operating decisions, and performing
strategic planning and annual budgeting. These measures are not
prepared in accordance with GAAP and have limitations as an
analytical tool, and you should not consider them in isolation or
as a substitute for analysis of our results of operations as
reported under GAAP. In addition, other companies may not calculate
non-GAAP financial measures in the same manner as we calculate
them, limiting their usefulness as comparative measures. You are
encouraged to evaluate the adjustments and the reasons we consider
them appropriate. Some amounts in this press release may not add
due to rounding.
Adjusted EBITDA
We calculate Adjusted EBITDA as net income (loss) adjusted to
exclude depreciation and amortization, stock-based compensation
expense, interest expense, interest income, employer taxes related
to employee transactions, other (income) expense net, which
consists of foreign exchange rate gains and losses, and income tax
provision (benefit). Adjusted EBITDA should not be considered as an
alternative to net income (loss) or any other measure of financial
performance calculated and presented in accordance with GAAP.
Some of the limitations of Adjusted EBITDA include (i) Adjusted
EBITDA does not properly reflect capital spending that occurs off
of the income statement or account for future contractual
commitments, (ii) although depreciation and amortization are
non-cash charges, the underlying assets may need to be replaced and
Adjusted EBITDA does not reflect these capital expenditures and
(iii) Adjusted EBITDA does not reflect the interest and principal
required to service our indebtedness. In evaluating Adjusted
EBITDA, you should be aware that in the future we expect to incur
expenses similar to the adjustments in this release. Our
presentation of Adjusted EBITDA should not be construed as an
inference that our future results will be unaffected by these
expenses or any unusual or non-routine items. When evaluating our
performance, you should consider Adjusted EBITDA alongside other
financial performance measures, including our net income (loss) and
other GAAP results.
Adjusted EBITDA Margin
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by
net revenue. Because of the limitations described above, you should
consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other
financial performance measures, including net income (loss), net
income (loss) margin and our other GAAP results.
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Eventbrite Investor
Relations investors@eventbrite.com
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